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Keyword: iras

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  • Obama plan: Cut tax breaks for richest retirement savers

    02/21/2014 10:56:56 AM PST · by reaganaut1 · 60 replies
    Market Watch ^ | February 21, 2014 | Robert Powell
    President Barack Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to published reports. Plus, the president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28% of income — and include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue, according to a Pensions & Investments report. According to the report, the proposals are designed to direct more of...
  • They’re Coming For Your Savings

    10/18/2013 7:39:48 AM PDT · by Rusty0604 · 78 replies
    Dollar Collapse ^ | 10/12/2013 | John Rubino
    Another of history’s many lessons is that governments under pressure become thieves. And today’s governments are under a lot of pressure. Before we look at the coming wave of asset confiscations, let’s stroll through some notable episodes of the past, just to make the point that government theft of private wealth is actually pretty common... Will more countries introduce capital controls or asset confiscations in the next few years? Duh, of course. Debt levels are unmanageable, so they have to be lowered. And there are only three ways to do it: deflationary collapse that wipes out the debt through default,...
  • Astronomy Picture of the Day -- IRAS 20324: Evaporating Protostar

    09/04/2013 4:04:22 PM PDT · by SunkenCiv · 12 replies
    NASA ^ | September 04, 2013 | (see photo credit)
    Explanation: Will this caterpillar-shaped interstellar cloud one day evolve into a butterfly-shaped nebula? No one is sure. What is sure is that IRAS 20324+4057, on the inside, is contracting to form a new star. On the outside, however, energetic winds are blowing and energetic light is eroding away much of the gas and dust that might have been used to form the star. Therefore, no one is sure what mass the resulting star will have, and, therefore, no one knows the fate of this star. Were the winds and light to whittle the protostar down near the mass of the...
  • OBAMA’S NEW BUDGET WILL DESTROY YOUR IRA’S AND 401K ACCOUNTS…

    05/01/2013 5:21:22 AM PDT · by SeekAndFind · 32 replies
    The National Deficit, along with the lack of demand for Treasury Bonds, leaves the government with no other option!And what you don’t know can hurt you!Goldworth Financial first uncovered the early blueprint of our government’s plot to seize retirement accounts in early 2009. Since that time, we have come up with 10 Basic Questions that people have about this issue: 1. Who’s behind the plot to confiscate retirement accounts?The government takeover of private retirement accounts is a concept first drawn up by Teresa Ghilarducci, who was funded by the White House, the Ford Foundation, and the Rockefeller Foundation. President Obama’s...
  • Finding ET in the Data (Hunt for Dyson spheres heats up)

    04/17/2013 9:10:14 AM PDT · by LibWhacker · 33 replies
    Centauri Dreams ^ | 4/17/13 | Paul Gilster
    Finding ET in the Data by Paul Gilster on April 17, 2013 As we saw yesterday, the Infrared Astronomical Satellite (IRAS) has been the source of data for a number of searches for unusual infrared signatures. The idea is to look for the artifacts of advanced extraterrestrial civilizations, under the assumption that a sufficiently advanced culture will be capable of engineering projects that could be detected from light years away. A Dyson sphere, existing either as a completely enclosed star or as a swarm of artifacts around a star, is but one example of such engineering, but it’s a sensible...
  • Why A Cyprus-Like Seizure Of Your Money Could Happen Here

    04/08/2013 10:43:49 PM PDT · by Tolerance Sucks Rocks · 29 replies
    Forbes ^ | March 25, 2013 | Steve Forbes
    Don’t put it past our politicians to try it in a financial emergency. The breaking of contracts by the U.S. government, unfortunately, has happened before, and what’s under way in Cyprus shows that feckless politicos will continue to try such things. In 1933–34, amid the depths of the Great Depression, the U.S. government seized the American people’s gold holdings. From that point, until 1975, it was illegal for Americans to own gold, other than in some forms of jewelry or collectors’ coins. In the panic of the Depression years the courts upheld this unconstitutional confiscation. Yes, people received dollars in...
  • With Budget Proposal Obama Tells Us What Is A ‘Reasonable’ Amount To Have In Retirement Accounts

    04/06/2013 12:51:50 PM PDT · by smoothsailing · 106 replies
    Lonely Conservative ^ | 4-6-2013 | Lonely Conservative
    With Budget Proposal Obama Tells Us What Is A ‘Reasonable’ Amount To Have In Retirement Accounts April 6, 2013 Lonely Conservative With his budget proposal, President Obama has told us what he believes is a “reasonable” amount to have in a retirement account. $3 million is the number he chose. According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals “to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”“The budget would limit an individual’s total balance across tax-preferred accounts to an...
  • ETFs Or Mutual Funds For Your IRA?

    01/07/2013 11:01:24 AM PST · by Ernest_at_the_Beach · 5 replies
    investopedia.com ^ | July 19, 2012 | Tim Parker
    Isn't freedom great? If you've held a company-sponsored 401(k) or 403(b), you know that your company gave you a false sense of freedom. They said that you were "free" to pick from any one of the handful of mutual funds that they picked for you. Picking from their choices doesn't seem like much freedom, but maybe you took the extra step and opened an IRA. Now that's freedom. With IRAs opened outside of your company, you have the choice of just about any investment option on the market. Ninety-four billion dollars is invested in self-directed IRA accounts, where many...
  • Obama Begins Push For New National Retirement System

    11/22/2012 1:13:55 AM PST · by lowbridge · 93 replies
    http://www.theminorityreportblog.com ^ | november 21, 2012 | steve foley
    A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning. The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans. “This hearing was set up to explore why Americans...
  • Government Sets Its Sights - Redistribute the Wealth of America’s Older Citizens”

    11/21/2012 10:37:47 AM PST · by blam · 100 replies
    SHTF Plan ^ | 11-20-2012 | Mac Slavo
    Government Sets Its Sights on Private Retirement Accounts: “Giant Effort to Redistribute the Wealth of America’s Older Citizens” Mac Slavo November 20th, 2012 A new effort by the Obama administration, Congress, the Treasury Department and labor unions aims to fundamentally alter how Americans plan and save for retirement. Warnings have been popping up over the last several years about the possibility of re-appropriating the $3.5 Trillion sitting in private retirement and spreading those funds around to Americans who are deemed less fortunate. This couldn’t possibly happen in America, right? At one time, most Americans also believed heath care mandates that...
  • Feds eye retirement-fund tax to cut $16 trillion-plus deficit

    04/22/2012 4:46:02 PM PDT · by DeaconBenjamin · 78 replies
    New York Post ^ | 8:25 AM, April 22, 2012 | By GREGORY BRESIGER
    Uncle Sam, in a desperate attempt to fix its $16 trillion-plus deficit, is leering over Americans’ retirement nest egg as its new bailout fund. Capitol Hill politicians are assessing tax changes that could let the Internal Revenue Service lay claim to a portion of the $18 trillion sitting in 401(k) accounts and other tax breaks used by middle-class workers, including cutting the mortgage tax deduction. A commission looking for ways to close the deficit, and, noting the extent of 401(k) tax breaks, recommends an examination of the system as one way to prevent government bankruptcy. Besides 401(k)s, other possibilities include...
  • Self-Direct Your Retirement

    10/16/2011 8:30:39 AM PDT · by Kaslin · 19 replies
    Townhall.com ^ | October 16, 2011 | Kathy Fettke
    If you didn’t know anything about the stock market before October 4, you’d think the US had the strongest economy ever.  The Dow rallied more than 1,220 points since then - a gain of 12%! Naturally, the uninformed investor may think it’s time to jump into this bull market. However, thousands of investors are waking up to the reality of Wall Street - that it’s become more of a Vegas gamble than an investment based on fundamentals. Nothing is backing this latest rally, except for a few headlines swaying public sentiment. When the media announces that Europe has found a...
  • It’s Another Assault On Retirement Accounts (Will bankrupt Gov't Steal from Retirement Funds?)

    07/28/2011 2:30:29 PM PDT · by SeekAndFind · 17 replies
    Zero Hedge ^ | 07/28/2011 | Simon Black
    When I was a kid, it was a big deal when the postman came around. He was an important man carrying important documents from far away lands that we could only dream about… and each time he pulled up there was a brief glimmer of anxiety, wondering what unexpected surprise he might be delivering that day. At the time, I remember postage stamps for first class mail costing about 20 cents. If you’re a bit older than me, you might remember them being much cheaper than that. In fact, prior to President Nixon taking the US dollar off the gold...
  • How the US Government Will Seize Your Retirement Account

    05/12/2011 8:25:48 AM PDT · by blam · 79 replies
    EPJ ^ | 5-12-2011 | Simon Black
    How the US Government Will Seize Your Retirement Account By Simon BlackMay 12, 2011 Following in the footsteps of a rather ignominious list of nations like Argentina and Hungary, the government of lreland is set to take its 'fair share' of private retirement funds. Drowning in debt and faced with unpopular, unrealistic, ridiculously unpopular austerity measures, the government has announced that it will now tax private pension savings in order to raise 470 million euros (roughly $675 million) per year... a lot of money in a country of only 4.4 million people. Somehow, the government expects to be able to...
  • Watch Out! Feds Could Seize Your Private Retirement Savings

    05/22/2011 5:04:36 AM PDT · by KeyLargo · 166 replies
    NewsMax ^ | May 21, 1011 | Greg Brown
    Newsmax Watch Out! Feds Could Seize Your Private Retirement Savings Saturday, May 21, 2011 04:58 PM By: Greg Brown How long before Uncle Sam hits private pensions to balance the public budget? It’s quickly becoming a reasonable question to ask. Treasury Secretary Timothy Geithner is ringing alarm bells across Washington, D.C., warning of a disastrous outcome if an agreement to raise the debt ceiling is not made soon. “A default would call into question, for the first time, the full faith and credit of the U.S. Pensions, Federal Government, Debt Ceiling, Retirementgovernment,” Geithner wrote in a letter Friday to Sen....
  • American Retirement Funds at Serious Risk of Being Seized

    12/09/2010 9:40:45 AM PST · by FromLori · 57 replies · 1+ views
    The Market Oracle ^ | 12/7/2010 | Jeb_Handwerger
    The news of Hungary effectively seizing private pension fund assets to pay for the debt obligations of the state last week should come as yet another reminder of the urgent need to get tax-sheltered retirement savings away from the clutches of the state before it's too late. Hungary is just the latest country to decide that it's citizens retirement savings are the property of the state. The last major country to use similar tactics was Argentina who confiscated about $3.2 billion of pension savings in 2001 before the country stopped servicing its debt and then nationalized the $24 billion industry...
  • Auto IRAs a Smart, But Depressing, Choice

    09/08/2010 11:41:26 AM PDT · by Rogle · 6 replies
    Jeff Bingaman (D NM) plans to require employers to set up automatic IRAs for their employees — who would be required to "opt out" if they don't want to participate Snip which targets businesses with 10 or more full-time employees that don't already offer a 401(k) or other qualified retirement program Snip Under Bingaman's plan, prompted by the Obama administration, employees would be automatically enrolled in an Individual Retirement Account, with at least 3 percent of their wages going into it. They could opt out. Their employer would get a tax break equal to the cost of administering the program.
  • 'Automatic' IRAs to Fill Retirement Gap

    08/12/2010 10:01:10 AM PDT · by Clairity · 64 replies
    The Street.com ^ | Aug. 12, 2010 | Joe Mont
    A bill filed by U.S. senators Jeff Bingaman (D-New Mexico) and John Kerry (D-Mass.) would automatically enroll most U.S. workers in individual retirement accounts if their employers don't sponsor a retirement plan. All automatic IRAs would offer the same three standardized investment options, each to be developed with regulations and fee guidelines issued by the Treasury and Department of Labor. The options would include a "principal preservation fund" (which would include a special Treasury Retirement Bond , the R-Bond, designed for use within an automatic IRA), a "life-cycle" option and an "alternative investment option" that can include a higher concentration...
  • Recession may jeopardize 401(k) contributions

    11/09/2008 2:23:50 PM PST · by Graybeard58 · 14 replies · 327+ views
    Waterbury Republican-American ^ | November 9, 2008 | David Pitt
    DES MOINES, Iowa — Retirement accounts already battered by a steep market decline may get hit again as several companies suspend or reduce their 401(k) match to save cash. Workers at General Motors Corp. and Frontier Airlines Holdings Inc., for example, could potentially lose thousands of dollars in company contributions from their retirement accounts. GM, which recently announced it was suspending company matches for its 32,000 eligible salaried workers, said Nov. 3 its U.S. auto sales plunged 45 percent as it struggles along with competitors to survive the credit crisis and financial market turmoil. "People know these actions are necessary...
  • Dems Target Private Retirement Accounts

    11/09/2008 12:58:49 PM PST · by 4buttons · 266 replies · 1,644+ views
    carolinajournal.com ^ | 11/4/08 | Karen McMahan
    RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration. Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly. The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for...
  • Urgent FReeper Help Requested: CLA * USA and CLA Estate Services, Inc.

    06/28/2008 12:24:38 PM PDT · by SandRat · 8 replies · 713+ views
    I am requesting if anyone out there in FReeperdom has information / testimonials (positive or neagative) on the ethics, business practices, professional conduct, overall behavior of its representatives. Need to advise a WWII Generation member on whether or not these folks can be trusted and be able to back it up with facts.
  • U.S. to allow tax break on retirement accounts (one-time shot - convert IRAs into Roth IRAs)

    05/15/2006 2:48:53 PM PDT · by Libloather · 47 replies · 1,813+ views
    International Herald Tribune ^ | 5/15/06 | David Cay Johnston
    U.S. to allow tax break on retirement accountsBy David Cay Johnston The New York Times MONDAY, MAY 15, 2006 President George W. Bush is scheduled this week to sign into law an extraordinary deal for people with retirement savings accounts. By paying $1 in income taxes before they come due, these investors can ultimately avoid taxes today that are conservatively worth $3.50. Those who cannot afford to take advantage of this deal may think about it differently, however, since the $2.50 of net tax savings is, like all of the Bush tax cuts, being financed with more government debt, which...
  • New Social Security proposal exposes left-wing hypocrisy - (Bush plan backs Dems into corner!)

    05/03/2005 12:53:12 PM PDT · by CHARLITE · 19 replies · 1,017+ views
    AMERICAN THINKIER.COM ^ | MAY 3, 2005 | NOEL SHEPPARD
    At his press conference last Thursday, President Bush added a new “progressive indexing” proposal to his Social Security reform plan that not only largely resolves the program’s imminent insolvency without raising payroll taxes, but also exposes an almost unconscionable hypocrisy in the Democrats’ position on this issue. At odds for months in this debate has been how future payments to recipients are calculated. Currently, increases are tied to annual wage gains of the workforce. However, it has been argued that if they were indexed to the growth of inflation, or “prices” -- which have typically been much lower than changes...
  • Legislative Outlook: Reforms May Let You Save More

    01/02/2004 9:51:27 AM PST · by Grampa Dave · 10 replies · 145+ views
    Fidelity.com ^ | January 02, 2004 | Doug Fisher
    http://personal.fidelity.com/myfidelity/daily/index.shtml Legislative Outlook: Reforms May Let You Save More A Look at What's Ahead in Washington for 2004 Published: January 02, 2004 By Doug Fisher, senior vice president of Fidelity Government Relations Later this month, President Bush will present the State of the Union and follow with a budget highlighting his priorities for 2004. Among his possible agenda items are simplified savings laws allowing taxpayers to put aside more tax-free savings to pay for retirement, health care, education, and even home purchases. The president unveiled these concepts in last year's budget, but he and Congress focused instead on cutting the...